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Snowball.com reduces third-quarter expectations

Published on October 09, 2000.

Snowball.com, an online network aimed at young adults, said it isanticipating a smaller-than-expected third-quarter loss despite lower-than-expected third-quarter revenue. Snowball's revenue for its third quarter fiscal2000 is now expected to be in the range of $5 million to $5.2 million,compared with $1.2 million for third quarter 1999. CEO Mark Jung pegged the revenue shortfall to "seasonal and industrywide weakness in the online advertisingmarket." The company said it expects revenue growth to resume in thefourth quarter, but still fall below earlier expectations for the second half of the year.